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Why Having an Individual Health Insurance Policy Matters?...

Youth is a crucial phase of life when an individual has so much to deal with, workload, peer pressure, family responsibilities, etc. In the process, health is often neglected. A stressful lifestyle is a factor due to which a majority of the young population in India is prone to various lifestyle-related health issues. Getting personal health insurance cover is a vital investment these days. The insurance cover will help a person manage any medical emergency-related expenses, thus lessening the burden on savings. An individual health cover is an ideal option if a person is single and is not planning to start a family soon. So, what is individual health insurance? It is a type of health insurance that covers one individual, wherein the entire sum insured and health insurance premium applies to one person insured under the policy. One can also buy individual health plans for family members, including spouse, children, and dependant parents. 5 Reasons a Personal Health Insurance Cover Is Beneficial Let us understand the various reasons you must consider opting for personal health insurance: 1. Ideal Health Cover for Young Professionals  The awareness about medical insurance is not widespread. It is clear from the fact that many working professionals continue solely relying either on their savings or employer-provided mediclaim to meet their medical expenses. Sadly, one begins to face financial hardships when there are unexpected medical bills. Besides, group mediclaim policies do not provide coverage when an employee leaves the company. Here, the importance of personal health insurance comes into the picture. In contrast to mediclaim plans, individual health plans offer many policy benefits like lifelong renewability and enable the insured to customize it. They provide comprehensive coverage for in-patient care, modern day care procedures, robotic surgeries, daily allowance, and cover for pre and post hospitalization medical expenses. Nowadays, it also covers coronavirus treatment, thus protecting a person against uncertainties. Many young individuals, these days, are battling lifestyle-related illnesses. With a personal health insurance plan, one also gets coverage for pre-existing diseases and specific ailments after the defined waiting period. It is advisable to spend time reading the policy documents carefully. 2. Healthcare is Getting Costlier  Medical science is seeing significant developments, but the costs of surgeries and treatments are skyrocketing. Illnesses, accidents, or injuries strike when we least expect them. Coping with a sudden rise in medical expenses can create a financial problem. With the support of a personal health insurance cover, a person can deal with such a situation when one inevitably incurs medical bills. More importantly, an individual can access the cashless treatment facility at a network hospital empanelled with us. It saves time and effort of arranging money to pay for hospital expenses. So, there is less stress when one has to face any planned or emergency medical treatment. 3. Secures a Person After Retirement Investing in a separate health insurance cover will keep your post-retirement years less stressful, especially in dealing with age-related illnesses and costly medical treatments. With increasing age, getting a health cover becomes challenging and leads to an increase in premium. The lower the age of a person is, the easier it is to get health insurance online with no pre-policy medical check-ups. Thanks to the lifelong renewability feature, an individual will continue getting coverage under the same health insurance policy. Besides, the accumulated benefit under no claim bonus proves beneficial. Talking about our elderly family members at home, you can consider securing their health by opting for a separate health policy. Why should you do that? Firstly, a customized health policy is required since their health needs are unique, and it will give them adequate protection. Besides, adding them to a regular health insurance plan will lead to a higher premium. Your senior citizen parents can avail annual health check-up, day care treatments, and alternative treatment, among other benefits. 4. Provides Tax Saving Opportunity Saving tax is one of the goals every person focuses on achieving. Those who seek ways to save money will find that health insurance also offers the dual benefit of securing health and saving tax. An individual is eligible to get a tax deduction under Section 80D of the Income Tax Act on the health insurance premium. The maximum deduction is Rs 25,000 per year for an individual. If the individual is a senior citizen, there is a higher deduction of up to Rs 50,000. The maximum total deduction is up to Rs 1 lakh if the proposer and the insured person covered in a plan are senior citizens. >>Also Read: Reasons to Opt for Individual Health Insurance along with Corporate Health Insurance To Sum Up Get individual health insurance cover to secure your health. And, with so many benefits and optional covers available, you get the flexibility to customize your policy. Make sure to check the policy wordings, the exclusions, co-payments, and deductibles. Also, find out the claims procedures to avoid facing any hassles later. Choose ‘Care’ by Care Health Insurance, a comprehensive health insurance plan with lifelong renewability. You can get an affordable health cover online and choose to pay the premium digitally.

Why Buying Health Insurance for Family is Essential than Ever Before?...

Family is a tower of strength that is always there to support us and share our happiness and sorrows. Simply put, our family is an inseparable part of our lives. And, its well-being is important to us, at any given point in time. One of our first responsibilities towards our loved ones is to secure their health by opting for health insurance. These days, you can get customized health insurance plans in India for your family. Investing in a family floater plan is an affordable option and getting one is just a matter of few clicks. With the COVID-19 pandemic, we got a grim reminder of the harsh realities of life and the fact that a medical emergency can occur when we least expect it. The first impact we witness during such events is on our finances. Without a health cover, one can see significant financial losses and unexpected burden on savings. Here are some reasons you must buy family health insurance, a vital investment decision to safeguard your future. 1. Increasing Health Risks and Lifestyle Diseases The number of young individuals grappling with lifestyle diseases, such as high blood pressure, diabetes, and obesity, has alarmingly increased. Besides, the coronavirus pandemic poses new health risks for our senior citizen family members and those with pre-existing conditions. Here is where the importance of health insurance comes to the fore. A health cover gives the much-required financial support when coping with any long-term medical treatment. It also proves helpful in case of immediate hospitalization during a medical emergency. 2. Cost of Medical Treatment is on the Rise Medical inflation is a reason that surgeries and medical procedures have become expensive. A visit to the hospital due to a planned surgery, accidental hospitalization, or treatment of an injury or illness can result in hefty medical bills. The situation can be all the more challenging if one has to take care of elderly parents at home, who may be having an age-related ailment. Nowadays, there are many customized family health plans available, which help manage the expenses involved in treating a particular illness or health condition. 3. Financial Protection for the Future Many families still believe that an employer-provided mediclaim is sufficient to cover their medical expenses. Some depend on their savings entirely. However, in the long run, that is bound to create financial hardships. Moreover, such group mediclaim policies in India, unlike health insurance plans for family, come with some limitations and cease to exist the day you leave the employer. The primary advantage you get with family health cover is the flexibility to customize, choose your preferred sum insured and optional benefits, and get discounts. The No Claim Bonus is a noteworthy feature where you get rewarded with an increased sum insured for each claim-free policy year, giving you a shield to tackle future medical expenses.  4. Family Health Insurance offers Coronavirus Cover Coronavirus is a contagious disease and requires access to quality medical care. With a family health insurance cover, you can secure the health of your loved ones. The health policy gives comprehensive coverage for medical treatment costs, such as in-patient care, room rent, ICU charges, day care treatment, quarantine at government authorized centres, and medical expenses incurred during the pre and post-hospitalization stage. >>Click to read about Coronavirus Health Insurance 5. Tax Benefits on the Premium Paid Every household tries to achieve additional savings. One looks for the best investment option that can give tax benefits. Health insurance is a valuable investment that can help an insured save tax by claiming a deduction on the health insurance premium paid annually. One can get a maximum deduction of up to Rs 1,00,000 if the proposer and insured covered in a floater plan is above 60 years. Final Thoughts! A careful analysis of your present insurance needs before you plan to buy a family health insurance policy will help you make the right decision. Consider the number of family members, their current medical condition, and other factors so that you pick the best sum insured to cover your expenses. Go through the policy documents to understand the inclusions, exclusions, and terms and conditions. Moreover, check if you have easy access to cashless medical treatment near your locality. That will lessen your stress and save you from the hassle of paying hospital bills. Care Health Insurance offers comprehensive family health insurance with the cashless facility at over 8,350 network hospitals. Visit the official website and secure your family without a moment’s delay.

How to Port Corona Health Insurance?...

The fight against the deadly coronavirus is still on, with the number of cases making us all anxious. The situation demands that we diligently follow the health safety measures to stop the spread, even as we wait for the vaccination. Facing a pandemic is not less than a war and calls for proper planning on all fronts, including health and finances. Your family needs the best protection in such critical times. Thus, investing in health insurance with coronavirus cover is a decision you should not delay making. If your existing health cover does not provide COVID-19 coverage, it is time that you secure your family by switching to health insurance covering COVID-19. Those looking to port their policy can consider the indemnity-based health insurance plans by Care Health Insurance that now offer comprehensive coronavirus treatment coverage. The IRDAI allows policyholders to switch a policy while retaining the benefits. Before you port to health insurance with corona cover, take a thorough look at the policy documents and understand the inclusions, exclusions, and renewability feature. This article explains the procedure you need to follow to port your regular health policy to a health insurance policy with coronavirus coverage. Things to Note Before Porting Coronavirus Health Insurance It is undoubtedly advantageous if you plan to port your policy to a comprehensive policy with COVID coverage. The policy benefits will include coverage for in-patient hospitalization, ICU charges, room rent, day care procedures, pre and post hospitalization medical expenses, and quarantine at government authorized centers. If we count the risks, especially for our elderly family members and those with a pre-existing disease, health insurance with COVID cover is a vital financial support. It ensures peace of mind when tackling the uncertainties. More importantly, one has access to cashless hospitalization, which reduces the efforts of paying medical bills. CHI has over 8,350 network hospitals where you can get cashless medical treatment in a hassle-free manner. The insured persons should note the following points to port any health insurance policy: They can port a policy only at the stage of policy renewal. Coverage benefits of the old policy will be retained, such as credit for the waiting period and accrued benefits and bonuses. Insured persons can port any individual or family health policy. For avoiding hasty decisions and last-minute hassles, it is advisable to start searching for health cover much before the renewal date approaches. Assess if the new plan is affordable and comes with adequate coronavirus coverage. Do not miss to review the features, such as waiting period, sub-limits, co-payment, and exclusions, which will help you plan your finances. Steps to Port to a Health Insurance Policy with COVID-19 Cover You can port your health insurance policy in a few easy steps. Firstly, notify your existing insurer in writing for a port-in request at least 45 days before renewal. Also, you have to mention the company to which you want to port the policy. Here are the steps to port your policy to Care health insurance plans:  Fill up a portability form with existing insurance details, such as the insured persons' name and age. Fill up the proposal form by giving complete details and submit relevant documents. The requisite data is furnished on the official web portal of IRDAI. The new insurer will underwrite the proposal. It will inform you within 15 days. Final Word  Do not be lenient when it comes to tackling the health risks, especially in the current pandemic situation. When your health and that of your loved ones matter the most to you, it is wise to safeguard it by choosing coronavirus health insurance cover. It might take a little more time until everyone gets a vaccine. Till then, your family’s protection is in your hands. Porting a health insurance policy enables you to access enhanced services along with maximum coverage and benefits.

Latest Income Tax Slabs for Senior Citizens & Special Tax Benefits...

Senior citizens in India are giving their post-retirement life a silver lining. Gone are the days when they become dependent on their children in old age. Now, they live more actively and have different means of income even after retirement. Some are pensioners; some have their businesses or work as consultants. The best part is they are active taxpayers and contribute to the country's overall development. The Income Tax Department salutes senior residents' willingness to pay tax and keeps on altering the tax slabs for every financial year to ease their pockets. So, below is the new concessional income tax senior citizen regime, tax rates, and benefits for individuals above 60s. But first, let's understand who are considered senior citizens and super senior citizens in India. Who are Senior Citizens? Individual residents between the age group of 60 to 80 years, as on the last day of the previous financial year, are considered senior citizens. Who are Super Senior Citizens? Individual residents who are above 80 years, as on the last day of the previous financial year, are considered super senior citizens. Income Tax Slabs for Senior Citizens Let's start the different income tax slabs for senior citizens: Income tax slabs for senior citizens for FY 2019-20, 2020-21 The income tax exemption limit is up to Rs.3 lakh for senior citizen If their total income is more than Rs.50 lakh and up to Rs.1 crore: Surcharge is levied 10% of income tax If their total income exceeds Rs.1 crore: Surcharge is levied 15% of income tax Income tax slabs for super senior citizens for FY 2019-20, 2020-21 The income tax exemption limit is up to Rs.5 lakh for super senior citizens If the total income exceeds Rs.50 lakh and up to Rs.1 crore: Surcharge is levied10% of income tax If the total income exceeds Rs.1 crore: Surcharge is levied 15% of income tax Income tax rates and slabs under new tax regime for FY 2020-21 Surcharge- An additional tax payable above the normal income tax is known as a Surcharge. It is the standard deduction for senior citizens. Below is the table for Surcharges to be levied for FY 2019-20 and FY 2020-21: Rebate - Under Section 87A of the Income Tax Act, rebate means marginally lower tax payment for individuals with income below a specified limit. It is applicable for: The individuals who have total income, not above Rs. 5 Lakh Individuals with an annual income up to Rs.5 lakh eligible for a rebate of Rs. 2,000  The individuals who have a total income of more than Rs.5 lakh, the taxable amount is Rs.25,000 + 20% tax. Tax Benefits for Senior Citizens Senior and super senior citizens may enjoy the following tax benefits: Health Insurance: Under section 80D, the health insurance premium for senior citizen get tax exemption up to Rs.50,000.  Section 80TTB: Introduced in the Budget 2018 as a provision under which senior citizens can claim a deduction up to Rs.50,000 from their total income from interest on bank deposits or interest on post office deposits for that financial year.  Exemption on Interest Income: Under section 80TTA, the senior citizens get tax exemption on their interest earned up to Rs.50,000 in the savings bank account, deposits in a bank, or fixed deposits in post-office. Income Tax Return Benefits: Super Senior Citizens are also eligible for income tax return benefits and can file ITR through Sahaj (ITR 1) or Sugam (ITR 4).  No Tax for Reverse Mortgage: If senior citizens may reverse mortgage any of their accommodation to make monthly earnings, the amount paid in installments to them gets tax exemption. No Advance Tax: Senior citizens are free from the burden of paying tax in advance.  How can Senior Citizens File ITR? The senior and super senior citizens are eligible to file their income tax refund. The below Income Tax Return (ITR) forms are required: ITR I – It is for senior citizens whose total income includes: Salary or pension Income from house or property  Income from the other sources except for income from horse racing or winning the lottery ITR 2 - It is for senior citizens whose total income includes: Salary or pension Income from house or property Capital gains Income from the other sources including winning from horse racing and lottery Income combined with the income of a spouse or other member FAQs How to calculate total income for senior citizens? Add the income received as a salary, pension, rent, interest received from fixed deposit/savings account, deposit in the post office, etc.  Can senior citizens avail of tax benefits for more than one health insurance policy? Yes, senior citizens avail of tax benefits for more than one health insurance policy subject to the eligibility criteria, and the due premium is paid timely.  Are surcharge and cess still mandatory under the new income tax regime for senior citizens? Yes, 4% of surcharge and cess as per the senior citizens' income is mandatory under the new income tax regime. What is the maximum age for Senior Citizens in India to pay income tax? Income tax calculation does not depend on the senior citizens' age but their total income. However, they enjoy a higher exemption limit. How much is the tax-free income for senior citizens? For senior citizens, the tax-free income is up to Rs. 3 lakh, and for super senior citizens, is it up to Rs. 5 lakh. So, don't let your age refrain you from enjoying the second innings of life. With senior citizen health insurance and tax benefits, age gracefully and stay healthy, wealthy, and wise. Disclaimer: The information above is just for reference. Kindly read T & C of the policy thoroughly. Do refer to IRDAI guidelines for tax exemption conditions.